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Coach Inc (COH)Ownership Data

Short Interest History (%)

This is the historical short interest of Coach Inc, as measured by the Short Percentage Of Float.

Institutional Ownership History (%)

This the Institutional Ownership History of Coach IncPeter Lynch prefers to buy companies with low institutional ownership.

Insider ownership (%)

This is the historical insider ownership of Coach Inc. It is usually better to buy companies with large insider ownership. The company insiders' interest are more aligned with external shareholders in this case.

Top Direct Holders

HolderPositionShares% of Shares
Report Date
Lew FrankfortChairman and CEO, Director2,017,9430.73%2014-03-31
Keith MondaPresident and COO1,209,7100.44%2009-10-26
Michael TucciPresident, N. American Group210,822less than 0.1%2013-08-09
Carole P. SadlerSVP and General Counsel127,194less than 0.1%2007-03-23
Michael E. MurphyDirector82,786less than 0.1%2014-11-06
Felice SchulanerSVP, Human Resources72,813less than 0.1%2006-09-14
Victor LuisPresident, International Group70,051less than 0.1%2014-08-15
Reed KrakoffPres, Exec Creative Director38,406less than 0.1%2013-09-04
Mr. Michael F. Devine, IIIEVP, CFO33,510less than 0.1%2011-08-05
Todd KahnSVP and General Counsel27,920less than 0.1%2014-05-31

Top Fund Holders

HolderSharesReport Date% of Shares
% of Total
Assets Managed
Market Value
Vanguard Group, Inc.19,758,1732014-09-307.170.05703,587,000
Dodge & Cox17,487,9562014-09-306.350.60622,746,000
State Street Corp13,617,0082014-09-304.940.05484,902,000
Dodge & Cox Stock Fund10,316,7002014-12-313.740.64387,495,252
Wedgewood Partners, Inc.8,533,9382014-09-303.104.91303,894,000
BlackRock Fund Advisors8,310,8432014-09-303.020.04295,949,000
SunAmerica Focused Dividend Strategy Por6,825,1562014-11-302.482.97253,349,791
T. Rowe Price Associates, Inc.6,752,6702014-09-302.450.05240,463,000
Artisan Partners Limited Partnership5,655,1522014-09-302.050.36201,380,000
Sunamerica Asset Management Corp.5,297,8352014-09-301.920.92188,655,904

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User Comments

ReplyMocheng - 7 months ago
Stockvaluepicker,I think coach brand got trashed, heard a lot of shoppers cursing at Coach when they bought at a retail store 1 month before and saw the same bags are outlets 30% lowered in price.
ReplyStockvaluepicker - 7 months ago
Coach, Inc (NYSE: COH, $40) O/S: 278.8m; Market cap: $11.07bn; EV: $10.52bn; P/E: 12; EV/EBITDA: 7
Coach is a luxury goods retailer and has been in the business for > 70 years. Company sells premium leather handbags, footwear, watches and accessories for women (80% of sales), men (10%) and other (10%). Coach sells its products in North America (70% of sales) and internationally (30%) including Japan and China.
Investment thesis:
After its recent free-fall (YTD-28%) due to weak Q3 results (SS sales down -13% q/q in 2Q and -21% q/q in 3Q in NA) and lower guidance, Coach offers a compelling long-term investment opportunity.
1. First, Coach is led by the one of the best management team in retail. 2004-2013, sales grew from $1.3b to $5.0b (CAGR 20%); FCF/share up from $0.99 to $4.10 (CAGR 17%)
2. Coach has strong moat (in terms of emotional attachment with customer); evidenced by ROC of ~35% consistently over the last 10 years.
3. Despite, stiff competition from Michael Kors, Coach achieves gross margins of 70%; best margins in the luxury retail sector
4. Growth prospects are robust as new product line (focused on Men) and geographic expansion (China sales up 25%) working well
5. Huge operating leverage
6. No debt; cash balance of ~$800m
All good, but why the market is punishing the stock/ bear hug?
1. NA sales decline intensified in Q3
2. Guidance lowered (management expects NA sales decline in 2015 also)
3. Dual sales (factory outlet and direct stores) channel might dilute the brand value
4. International sales might drag gross margins as competition intensifies
5. Market has recently seen many retail turnarounds failing (JC Penny)
Argument: Sales decline; management is
- NA gross margins are at (68% to 63%) and International gross margins are at (80%) - effects of foreign currency translation should be noted.
- International expansion should boost sales growth
- Huge margin of safety
- Intrinsic value in different scenario
- Bull Case: $74 (upside 84%); Bear Case: $52 (upside 30%); Base case:$62(upside 54%)

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